Birdwatch Note Rating
2024-12-04 13:52:49 UTC - HELPFUL
Rated by Participant: 96AA25868B8F22D32BDF20865887FA632BF3F63D4C4B7633940AC40676384B4E
Participant Details
Original Note:
While it lowers payments it results in much higher long-term costs. A $500k mortgage at 4.14% with a 30-year amortization lowers monthly payments by approx $264 compared to a 25-year amortization, but it costs approx $65k more in interest over the life of the loan. https://www.nerdwallet.com/ca/mortgages/30-year-mortgage-canada
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